The Precision Computer Centre created its chart of

accounts as #4200
The Precision Computer Centre created its chart of accounts as follows:You will use this chart
of accounts to complete the Continuing Problem.The following problem continues from Chapter
1. The balances as of May 31 have been brought forward in your Study Guide with Working
Papers on pages 2-24 to 2-25. Additional transactions in June were:(k) Received the phone bill
for the month of May, $155(l) Paid $150 (cheque No. 205) for insurance for the month(m) Paid
$200 (cheque No. 206) of the amount due from transaction (d) in Chapter 1(n) Paid advertising
expense for the month, $1,400 (cheque No. 207)(o) Billed a client (Jeannine Sparks) for
services rendered, $850(p) Collected $900 for services rendered—a cash sale(q) Paid the
electric bill in full for the month of May (cheque No. 208—transaction (h), Chapter 1), $85(r) Paid
cash (cheque No. 209) for $50 in stamps (s) Purchased $200 worth of supplies from Computer
Connection on accountAssignment1. Set up T accounts in a ledger.2. Record the transactions
(k) through (s) in the appropriate T accounts.3. Foot the T accounts where appropriate.4.
Prepare a trial balance at the end of June 2013.5. From the trial balance, prepare an income
statement, a statement of owner’s equity, and a balance sheet for the two months ending June
30, 2013.View Solution:
The Precision Computer Centre created its chart of accounts as

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